Samsung Electronics shares fell 1.5% on Thursday. The decline followed Apple’s announcement of the iPhone Duo, its first foldable smartphone.
The launch brings Apple into direct competition with the Galaxy Fold series. Samsung has spent seven years developing the foldable category. The company launched its first foldable device in 2019.
IDC analysts forecast Apple will capture nearly one-third of the foldable market by 2026. Apple’s share of the segment could reach 40% by 2027.